Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1887-05-20


we're only divided by $780, 900 year of in
terest, they would pay that themselves
rather than see it fail. The most decided
opponents of the new proposition, on the
Virginia Commission, were Lt..Gov. Mas
sey and Rhea Of the Senate. and Stubbs and
James Barbour of the House. They held
that instead of scaling the consols to rs
cents that they should be scaled to so
cents; that 10-40's. instead of being scaled
to 62} or So, should be scaled to 60. and
they insisted that the plan of paying rs for
consols when the Kiddleberger bill rates
them for funding at So, and 10-40's at So
when the Riddleberger bill rates them
at 60, would never be endorsed by the
Legislature or people. Further, they de-
manded that the tax-receivable coupon
feature be now and forever extinguished.
THE HOPEFUL FEELING BEGINS TO
DECLINE.
From Saturday morning, when it was
known that four out of the ten Virginians
on the Commission were opposed to the
new proposition. hope of settlement
begin to decline. for it was recognized, in
side and outside Of the legislature. that
any settlement adopted with such a mark
ed division of sentiment among those en-
trusted with it, would never be ratified by
the people. 1t was held, however, by
those who still had hopes, that the new
settlement would bring the debt as scaled,
down to 1926 100000 and the interest to
"about" $75O,OOo, but searching cal
culators put the principal at two millions
more and the interest at over $500, 900
The joint Commission remained In session
all day on Friday.
MR.. ROYAL TLLKs.
On Saturday Mr.. Royal expressed his
views through an interview with repor-
ter Of the estate" He said he had tele-
graphed his clients IN London not to
abate their demand one dollar from the
new proposition which he said fixed the
principal at $27 900 900 and the interest at
100000. That, he said was. as far as he
was concerned, the creditors ultimatum
and il the legislature wanted a fight he
should from that time devote all his inge-
nuity to giving them the best fight he
could. He had done all he could to get
the State liberal proposition and was
done. AS for the hostile legislation that
was contemplated, the U. s. Circuit Court
would Jay 1t away with the ashes Of Its
fathers before the legislature had been
away ten days.
THE FEELING IN THE LEGISLATURES.
This did not improve the feeling in the
legislature. The day before, on motion of
Mr.. Ecbols the House had adopted joint
resolution instructing the Virginia Com.
mite to report to the legislature on Sat
urday. but when 1t got to the Senate that
body did not pass 1t. In the Senate on
Saturday, Mr.. Rhea of the Debt Commits
sion, made motion fixing Monday for
the consideration of the resolution for
amending the constitution so as to forfeit
the principal Of all bonds not funded un-
der the Riddleberger bill by a certain date.
The motion was opposed by Mr.. Wick
ham. another member of the Commission,
anG by Mr.. Koiner. 1t was however adop-
ted.
STILL ANOTHER PROPOSITION.
On Saturday the English Commission
ers made another proposition which made
a principal sum of 100000 600, including
the bonds due to the sinking fund and lit
erary fund, &C., &c.; consols to be scaled
down to rs cents on the dollar; lO-4O's to
66g; interest on the face value at 8 per
cent. The Virginia committee objected
to paying interest on the face of the bonds;
they want to pay per cent. on the scaled
amount. The Commission then adjourn
ed over till Monday.
HOSTILE LEGISLATION.
On Monday the bill empowering the
Governor to remove county and city treas
urers for misbehaviour, incapacity, or neg
lect of official duty was called up in the
House. A motion was made to postpone
it's consideration until the Debt Commits
sion had reported. Mr.. Echols of Angus
ia, opposed this motion. He said we had
been postponing legislation obstructing
coupons long enough in Difference to await
ing the Debt Commission to report. The
agents of the bondholdeis were flooding
the State with coupons regardless of the
alterations of the Debt Commission and
the legislature should protect the State
now and not wait longer. If the Com
mission effected a settlement, then these
laws would hurt nobody.
The consideration of the bill was post
roned till Tuesday, but both houses of the
legislature seemed from the debate to be
wearied out with waiting and almost ready
for any sort of legislation for defence
against the bondholders.
Below we give the proposition and rejec-
ton with which the Debt Commission
ended it's labors. After that, the Virginia
Committee reported to the Legislature
That body Immediately set to work to de-
wise coupon-o obstructive legislation.
THE ULTIMATUM OF EACH PAKYT.
The following is the last proposition made
BY Messrs Thornton and Braithwaite and the
counter proposition of the committee of the
General Assembly:
RICHMOND May IL, 1887.
Dear Sir: Having cabled to London that
the proposals on the lowest basis to which we
are instructed to accede in any event had been
declined by the joint committee, we beg to
communicate to you the effect of the reply,
which we have received this afternoon-viz.:
The following is the minimum PROPOSAL